Nifty Realty index top gainer, Sobha up by 8 per cent

Nifty Realty Index zoomed on Wednesday to become the top intraday gainer in NSE. The index hit an intraday high of 326.30, higher by 2.2 per cent from its previous close. The index has surged by over 90 per cent from the month of January in CY17 on the back of increased affordability and policy reforms.
 
While Nifty Realty index has posted a 97 per cent surge in the current year since January 2017, S&P BSE Realty index has gone up by 94 per cent during the period. Reforms introduced in the realty sector by the government under Real Estate (Regulation and Development) Act 2016 (RERA), Real Estate Investment Trust (REIT) regulations and infrastructure Investment Trusts (InvITs) have largely contributed to the surge.
 
The sector has provided the markets with multibagger stocks such as Kolte-Patil Developers, Dilip Buildcon, Sunteck Realty,Indiabulls Real Estate, Purvankara, Godrej Properties and Sobha amongst others, during the year. These stocks have surged up to 370 per cent in the current calendar year so far.
 
In Wednesday’s intraday trade, Sobha drove the index with gains over 12 per cent on the bourses. The stock hit an intraday high of Rs. 599 per share and an intraday low of Rs. 532.10 per share on NSE. Sobha Developers was followed by Prestige and Brigade, up by over 7 per cent and over 5 per cent, respectively. Other stocks including Oberoi Realty, HDIL, Phoenix, Godrej Properties, DLF and Indiabulls Realty also recorded gains over 2 per cent on NSE in Wednesday’s intraday trade.
 
At 1233 hours, Nifty Realty index was trading at 323.75 level, higher by 1.44 per cent. While, NSE Nifty was trading at 10,375 level, higher by 0.05 per cent and S&P BSE Sensex was trading at 33,655. 07 level, higher by 0.11 per cent on Wednesday.